Consider the following data:

Costs incurred: actual inputs X actual price incurred Direct Materials: $114,570 Direct Labor: $89,303

Actual inputs X expected prices Direct Materials: 102,600 Direct Labor: 92,243

Standard inputs allowed for actual outputs

achieved x expected prices Direct Materials: 106,200 Direct Labor: 94,125

Requirement 1:

Compute the price, quantity, and flexible-budget variances for direct materials and direct labor. use U or F to indicate whether the variances are unfavorable or favorable.

Know the formuals for Price variance, qty variance and flexible budget variance